Elm Company announces its interim condensed Consolidated Financial Results for the Period Ending on 30-09-2023 (nine months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 1,521 | 1,167 | 30.33 | 1,404 | 8.33 |
| Gross Profit (Loss) | 575 | 486 | 18.31 | 602 | -4.49 |
| Operational Profit (Loss) | 323 | 272 | 18.75 | 377 | -14.32 |
| Net Profit (Loss) after Zakat and Tax | 334 | 273 | 22.34 | 373 | -10.46 |
| Total Comprehensive Income | 334 | 273 | 22.34 | 373 | -10.46 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 4,213 | 3,298 | 27.74 |
| Gross Profit (Loss) | 1,722 | 1,338 | 28.7 |
| Operational Profit (Loss) | 1,020 | 753 | 35.46 |
| Net Profit (Loss) after Zakat and Tax | 1,029 | 718 | 43.31 |
| Total Comprehensive Income | 1,029 | 718 | 43.31 |
| Total Share Holders Equity (after Deducting Minority Equity) | 3,631 | 2,844 | 27.67 |
| Profit (Loss) per Share | 13.25 | 9.2 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The Company achieved a net profit after Zakat of SR 334 million in Q3-2023, with an increase of 22.34% (SR 61 million) compared to the similar quarter for the last year, as a result of the following:
Increase in revenue by 30.33% (SR 354 million), which led to an increase in gross profit by 18.31% (SR 89 million). The increase in revenue resulted from an increase in Digital Business revenue by 38.24%, increase in Business Process Outsourcing revenue by 11.40%, and increase in Professional Services revenue by 36.67%. Furthermore, income from Murabaha deposit increased by SR 24 million.
On the other hand, operating expenses increased by 17.76% (SR 38 million), as a result of increase in the general and administrative expenses by SR 27 million, increase in the selling and marketing expenses by SR 6 million, increase in depreciation and amortization expenses by SR 6 million, offset by decrease in expected credit losses expenses by SR 1 million. In addition, Zakat expense increased by SR 8 million. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The Company achieved a net profit after Zakat of SR 334 million in Q3-2023, with a decrease of 10.46% (SR 39 million) compared to the previous quarter for the current year, as a result of the following:
Increase in revenue by 8.33% (SR 117 million), which led to a decrease in gross profit by 4.49% (SR 27 million). The increase in revenue resulted from an increase in Digital Business revenue by 8.06%, increase in Business Process Outsourcing revenue by 8.24%, and increase in Professional Services revenue by 17.14%. Furthermore, income from Murabaha deposit increased by SR 7 million.
On the other hand, operating expenses increased by 12% (SR 28 million), as a result of increase in general and administrative expenses by SR 10 million, increase in selling and marketing expenses by SR 7 million, increase in depreciation and amortization expenses by SR 6 million, and increase in expected credit losses expenses by SR 5 million. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The Company achieved a net profit after Zakat of SR 1,029 million for the nine months of the year 2023, an increase of 43.31% (311 million) compared to the similar period for the previous year, as a result of the following:
Increase in revenue by 27.74% (SR 915 million), which led to an increase in gross profit by 28.70% (SR 384 million). The increase in revenue resulted from an increase in Digital Business revenue by 42.70%, this was offset by the decrease in Business Process Outsourcing revenue by 0.59% and decrease in Professional Services revenue by 2.56%. Furthermore, income from Murabaha deposits increased by SR 74 million.
On the other hand, operating expenses increased by 20% (SR 116 million), as a result of increase in general and administrative expenses by SR 78 million, selling and marketing expenses by SR 31 million, increase in depreciation and amortization expenses by SR 20 million, increase in expected credit losses expenses by SR 15 million, offset by decrease in impairment of intangible assets expenses by SR 28 million. In addition, Zakat expense increased by SR 24 million. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | N/A |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform to the current period presentation of the interim condensed consolidated financial statements. |
| Additional Information | EBITDA for the nine months period ended Sep 30, 2023, amounted to SR 1,125 million compared to SR 838 million for the similar period for the previous year, with an increase of 34.25%. |
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